10 Reasons Why Your NFT’s Aren’t Selling 🎨

The Quantum Chronicle - Quantum & Emerging Tech

Published in

Coinmonks

6 min readOct 20, 2022

We all set out by launching an NFT project in hopes to sell many thousand, or even millions, of dollars worth of JPEGS…

On launch day, after spending months of preparation, we finally have our launch, only to find out that only 23 people have minted an NFT from your collection…

Not the goal you had intended…

In this short blog post, we’ll discuss 10 of the most common reasons why your NFT project didn’t sell more NFT’s.

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1. You Don’t Have An Audience

You can’t expect to sell 1,000 NFT’s when you only have 230 Discord members and 400 Twitter followers… You need to grow your community with REAL followers, people who care about what it is you’re doing, and not simply paid bots.

See this earlier blog post on how to build community:
https://medium.com/coinmonks/top-5-nft-best-practices-marketing-and-community-growth-7025e26eb50c

2. Blame The Bear Market

Since the bear market started almost a year ago now, the web3/crypto/NFT community across all socials has gradually gone away… meaning they just simply aren’t using social media as much anymore and are probably focused on more IRL stuff or simply not spending as frivolously as they used to…

You can’t do much about this…

3. Mediocre Art

Sure, I’ve seen many NFT projects with crappy art sell out and at the end of the day, the art doesn’t REALLY matter too much… BUT, one thing I can say, is that good art collects more attention, it draws in a crowd per say… And the more attention you have for your project, the more potential customers you have.

4. No Hype

As much as we don’t like to admit it, the NFT space is still very much focused on HYPE.

“HYPE” — noun
Excessive publicity and the ensuing commotion.
Exaggerated or extravagant claims made especially in advertising or promotional material.
An advertising or promotional ploy.

So how do you build hype? Get people HYPED up, or excited about something that’s to come. Shoot… get them excited about EVERYTHING that’s about to come… new follower count, new giveaway, new whitelist spot announcement, new team member hire, new artwork, NFT launch… Give rewards to those who participate in the hype build up too.

5. You Don’t Have a WHY

Why did you create your NFT project in the 1st place??? If you simply wanted to make money off of it, that isn’t a good enough reason anymore… The NFT investors (most of them) are smart enough now to not simply invest in projects that seem sketchy like they would have a year or a year and a half ago…

Every project now needs a WHY… What do we stand for, how are we solving a problem, how are we bringing people together, why would someone buy our project over another project?

6. Ran Out Of Money

Having an ample amount of startup money is crucial for a majorly successful NFT launch. Sure, you can bootstrap your project and make a few thousand probably, but you will have a hard time selling out a 10k NFT collection without a decent marketing budget.

I’ve been a part of a project that spent over 250K on marketing and still didn’t even sell 25% of their NFT collection on the mint day.

Getting your project in front of the eyes of people who may potentially buy your NFT is crucial for sales… Once you have their attention, you need to psychologically convince them that they need your NFT.

7. Lack of Consistency

If you (or some founding team members) aren’t active on a daily, you will have a hard time developing trust from your community… especially when the NFT project is first starting out.

You should strive to post daily on your chosen platform (Discord/Twitter/TikTok….)

Nobody said launching a successful NFT project is easy, because it’s not… It can, and most likely will, exhaust your digital stamina. Get lots of sleep, drink lots of water, stretch and exercise, and try to eat healthy.

Tips to grow your community:
https://medium.com/coinmonks/tips-for-growing-your-nft-crypto-community-563c7481d796

8. No Utility

Even though you can find some NFT projects that have no utility that succeeds, it’s very rare and those projects tend to fade out quickly.

You should strive to give your holders the most value as possible. Staking options, IRL rewards, meetups, exclusive giveaways, raffles, etc… These can all be perks/utilities of an NFT project

9. A Faulty Team

If you have a team, be quick to hire and quick to fire. A team member who goes against the culture of your project is not OK. A team member who continually fails on tasks after politely correcting him/her many times is not OK. A team member who continually needs direction/guidance is OK but would prefer a team member with experience and doesn’t need to have his/her hand held at every corner.

Make sure your team members are trustworthy too as the absolute worst thing that could happen is if one of your team members turns out to be a scammer…

10. No Vision

Where do you see your project in 1,3,5,10 years? What would you like your project to be known for, to be recognized for?

As the leader, it’s your mission to paint the picture (usually in story form) as to where your community is going and how you’ll get there. Include pit stops along the journey and build hype. Get to know your community members. Develop trust with consistency over time. Show up every day.

Guide them through the OpenSea of the NFT/Crypto world.

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ALWAYS BE CAREFUL!!!⚠️

I can’t stress this enough! Be extremely vigilant and aware of every link you click, every transaction you make, and every person you interact with, as scammers are plentiful in the space, and rugs get pulled from even the best-looking of projects.

Triple-check all links before you click them and make sure they’re the official link you’re seeking. Also, triple-check all wallet address’s before sending anything valuable to yourself or someone else.

Follow my new marketing agency, Multi-Layered Marketing, to get more tips/advice on marketing for the years to come!

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